The number of people falling into the inheritance tax (IHT) trap is rising record high. Between April 2023 and February 2024, the taxman bagged £6.8 billion from families following the death of a loved one and it is widely expected to exceed the previous record of £7.1bn.
Our money expert Kalpana Fitzpatrick explains what IHT is and how you can cut the bill so that you can pass more of your wealth to loved ones.
What is inheritance tax?
This is tax payable on someone's estate when they die - but how much you pay depends on the total value of the property, money and possessions.
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